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From Uche Usim, Abuja
In line with the ease of doing business initiative of the federal government, the Central Bank of Nigeria (CBN), on Wednesday, unveiled a new online platform for submission of microfinance bank (MFB) licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
The director, corporate communications of the apex bank, Dr Isa Abudulmumin, the new online platform will eventually replace the current manual process wherein prospective applicants for MFB
licence physically submit their applications to the CBN.
Abdulmumin added that the CBN, in due course, will extend the platform to other categories of licences.
“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.
“By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite
licence approvals, benefiting both applicants and the economy.
“Consequently, with effect from September 25, 2023, MFB licence applicants are required
to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.
“The cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted” he explained.
The CBN Spokesman added that the parallel run will end on December 31, 2023 and thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.
He added that the apex bank would continue to accept manual applications for all other licence types until further notice.
From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications. Help and detailed
guidance is available within CBN LARP to assist users in navigating the new platform”, Abdulmumin stated.
